This translation has been automatically generated and has not been verified for accuracy.A handful of U.S. bond funds with heavy exposure to energy debt managed to beat their benchmark in March by avoiding the most calamitous corners of an industry waylaid by a crash in prices that dragged crude to 18-year lows.
By that measure, the $802 million DWS High Income Fund hemorrhaged the least in March among 10 rivals with the highest exposure to the energy sector and at least $500 million in assets, according to a Reuters analysis of Morningstar Direct data.Heading into March, the DWS fund’s largest energy holding, DCP Midstream Operating LP’s 2025 bonds, were trading at 104.50 cents on the dollar, only to plunge to 56.50 cents by March 23. Fund managers were not available for comment.
The $1.3 billion American Beacon SiM High Yield Opportunities Fund produced a -16.7% total return, worst among the 10 funds with the highest exposure to energy debt. The range of exposure among the funds was 12% to 14% of assets.
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